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AMC Entertainment Holdings Inc (NYSE:AMC) shares are on watch higher. The company announced it posted its highest weekend attendance and admissions revenue of 2024.
What Happened: AMC announced that it set new 2024 records for weekend attendance and admissions revenue at its U.S. AMC theater locations this past Thursday through Sunday.
AMC also set new 2024 records at its ODEON Cinemas locations throughout the world as AMC and ODEON welcomed more than 6 million moviegoers to its theaters over the weekend.
The record-breaking performance was led by the opening weekend of Walt Disney Co (NYSE:DIS) and Marvel’s “Deadpool & Wolverine,” which set new all-time opening weekend records for a rated-R film with a reported $205 million domestically across the industry. “Deadpool & Wolverine” also
AMC also posted its highest food and beverage revenue for a single weekend since 2019. In the U.S., AMC said it sold more beer, wine and cocktails over the weekend than in any other weekend in AMC company history.
“Deadpool & Wolverine” is now AMC’s highest revenue-generating merchandise program of the year, eclipsing “Despicable Me 4,” which had just claimed that title earlier this month. The movie also became AMC’s second-highest merchandise program in AMC company history.
“AMC has been predicting for quite some time that moviegoing would return to lofty levels this summer. The trifecta of INSIDE OUT 2, DESPICABLE ME 4 and DEADPOOL & WOLVERINE, combined with a myriad of other successful movies, has proven us right,” said Adam Aron, chairman and CEO of AMC.
“Given that this also was an AMC record-breaking weekend for the sale of beer, wine, and cocktails at our MacGuffins bars, it’s only fitting that we raise a glass and toast our studio partners at Disney and Marvel, and the filmmakers of DEADPOOL & WOLVERINE for delivering a theatrical experience that has delighted and entertained millions of fans around the world.”
Check This Out: Ryan Reynolds, Hugh Jackman Starrer ‘Deadpool & Wolverine’ Breaks Box Office Records, Rakes In Over $438M For Disney’s Marvel At Global Opening
AMC scheduled its second-quarter financial results for Aug. 2 and reported preliminary results last week. AMC said it expects second-quarter revenue of approximately $1.03 billion versus estimates of $1.018 billion, according to estimates from Benzinga Pro.
The company anticipates a second-quarter loss of 10 cents per share versus estimates for a loss of 43 cents per share. Adjusted EBITDA is expected to be approximately $29.4 million in the second quarter.
“Moviegoing in theatres appears again to be on an upwards trajectory. AMC enjoyed a significant increase in our daily revenues in June of 2024 as compared to those of April and May of 2024,” Aron said.
AMC Price Action: AMC shares were up 0.77% at $5.22 at the time of publication, per Benzinga Pro.
Photo: Paul Sableman from Flickr.
